IHT / Capital Gains

darrend2812

@Jeremy535897 -Appreciate the feedback.

So the Will of my grandmother states that my aunt can reside in the property for as long as she wishes however in the event of her passing - the property is to be sold and proceeding split with the grandchildren.

The executors were my aunt and my mother and the probate was issued and granted on the death of my late grandmother. 

I believe IHT would not be required as this has already been issued but possible Capital Gains once the property is sold? 

Country concerned is England.

Thanks!

Jeremy535897

No, because if your aunt had a life interest following your grandmother's death, it is treated as if your aunt was left the property absolutely, so it forms part of aunt's estate on death. It may be that the estate was below the IHT threshold. The base cost to the executors would be market value at the date of death.